|
KNG
KNG
KNG - Kingco - Audited Group results for the year ended 28 February 2007
KING CONSOLIDATED HOLDINGS LIMITED
Registration No: 1992/006472/06
Incorporated in the Republic of South Africa
(Ordinary Share Code: KNG, ISIN code: ZAE000012902)
("Kingco" or "the group" or "the company")
Audited Group results
For the year ended 28 February 2007
ABRIDGED INCOME STATEMENT
Audited Audited
Year Year
ended ended
28/02/2007 28/02/2006
R000`s R000`s
Revenue 238 419 225 816
Operating profit 3 741 1 038
before interest
Net interest paid (2 518) (2 072)
Profit/(loss) before exceptional items 1 223 (1 034)
Exceptional items 4 175
Profit before taxation 1 223 3 141
Deferred Taxation (69) (437)
Profit attributable to ordinary shareholders 1 154 2 704
Headline earnings/(loss) per share (cents) 6.9 (8.8)
Earnings per share 6.9 16.2
(cents)
Dividend per share 0 0
NTAV per share (cents)
107.8 100.9
NAV per share (cents)
107.8 100.9
Shares in issue 16 735 16 735
(000`s)
Weighted Average 16 735 16 735
(000`s)
Reconciliation of headline earnings
Profit/(loss) per income statement 1 154 2 704
Provision against prior year`s adjustment 575
Sale of Bimbo`s franchise agreements (4 750)
Headline 1 154 (1 471)
earnings/(losses)
Audited Audited
ABRIDGED GROUP BALANCE SHEET
Year Year
ended ended
28/02/2007 28/02/2006
R000`s R000`s
ASSETS
Non- current assets 18 089 18 735
Property, plant and 15 205 15 783
equipment
Deferred taxation 2 884 2 952
Current assets 52 460 43 484
Inventories 25 315 18 949
Accounts receivable 26 727 24 535
Cash and cash 418
equivalents
70 549 62 219
EQUITIES AND
LIABILITIES
Capital and reserves 18 035 16 881
Ordinary shareholders 18 035 16 881
funds
Non-current 18 705 15 964
liabilities
Long term liabilities 18 705 15 964
Current liabilities 33 809 29 374
Accounts payable 28 948 25 195
Taxation 0 0
Bank overdraft 4 861 4 179
70 549 62 219
ABRIDGED GROUP CASH FLOW STATEMENT Audited Audited
Year Year
ended ended
28/02/2007 28/02/2006
R000`s R000`s
Cash flow from operating activities (649) 4792
Cash flow from investing activities (1 439) (1 080)
Cash flow from financing activities 1 824 760
Net change in cash and cash equivalents (264) 4472
Cash resources at beginning of year (4 179) (8 651)
Cash resources at end (4 443) (4 179)
of year
STATEMENT OF CHANGES IN EQUITY
Share Share Accum.
Capital Premium Profit/Loss Total
Balance at 28 February 2 510 18 062 (6 395) 14 177
2005
Net profit for the year 0 0 2 704 2 704
Balance at 28 February 2 510 18 062 (3 691) 16 881
2006
Net profit for the year 0 0 1 154 1 154
Balance at 28 February 2 510 18 062 (2 537) 18 035
2007
Accounting Policies
The accounting policies, as outlined in the 2006 annual report, have been
consistently applied. The abridged annual financial statements have been
prepared in accordance with International Financial Reporting Standards
(IFRS), the interpretations adopted by the International Accounting
Standards Board (IASB) and the requirements of the South African Companies
Act. These statements have been audited by Baxters. The unqualified audit
opinion is available for inspection at the office of the company.
Sector: Industrial - Hotels and Leisure
Nature of business
The nature of the business is:
1 The establishment, development and operation of franchise restaurants
and pubs, namely; Keg, Keg Cafe`, McGinty`s, Saddles, Bimbos and
Dockside Porterhouse.
2 The processing, storage, wholesaling and distribution of frozen,
chilled and dry products under the name of Lusitania Food Products.
FINANCIAL RESULTS
The Group`s turnover increased by 6% in the light of tough fishing
conditions. The franchising division remained profitable for the year. The
Food Distribution divisions of Lusitania showed a profit for the year
compared to last year. The net result in Lusitania was a loss due to the
fish processing factory.
EXCEPTIONAL ITEM
There were no exceptional items during the year.
PROSPECTS
Lusitania has increased it`s stock-holding, partly to accommodate the
increase in sales, but mostly due to managements decision to increase
penetration into the salmon industry. The group welcomes Mr JLN Dineen as
the managing director of Lusitania Food Products and looks forward to his
leadership of this subsidiary into the future.
The franchise division continues to provide value-added services to it`s
franchisees and services to it`s franchisees and plans to increase the
number of stores during the coming year.
DIVIDENDS
The Board has resolved not to declare a dividend.
Johannesburg
25 May 2007
For and on behalf of the board
ACP Cotterell
(CEO)
DIRECTORS
ACP Cotterell (CEO), VPG Cotterell*, RP Hume*, IH Nitsche, JLN Dineen
*Non-executive
Group Secretary: D Le Roux
Transfer Secretaries: Computershare Investor Services 2004 (Pty) Ltd
Sponsor: Sasfin Capital (a division of Sasfin Bank Limited)
Registered Office:
Kingco Park, 97 Milner Street, Kensington B, Randburg, 2194.
Auditors:
Baxters, Registered Accountants and Auditors, Chartered Accountants (SA)
Date: 25/05/2007 08:30:01 Produced by the JSE SENS Department.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
